The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-10


Pa NO Pa.j 50 10000 100000
M.Y / hi. - 52s 2o.Ois.OOO 5O.OOo.Ooo
Wichita lKas J. 257 4.777eoO 6,el5. 900
Geld lind SIlI.l l52 i,5Os,OOo 10000
Den. Cirele(N.G)
otp Ps.i ...'..... I'll $4,000 100000
4 Rock IN. " Il l,7sO.OOo 100000
Total 10 READS. ..2.ils S7,ieS. 900 $50, 10000
Total funded debt
and stock ......... ...... ........ sl56, eSs 900
Estimated.
From this it appears that during
the past six months nineteen railway
companies, with q bonded debt Of
$G7 les, 600 and a nominal capital
stock Of $50, 770, 900. making total
Of nearly Sl57 600, 900 Of securities,
have been sold under orders of courts
and passed into the hands Of new pro-
prietors. While these are very large
figures they are small in comparison
with those which we gave for the cor
responding period Of 1886, when, al
though the number Of roads sold was
less by two, the mileage was 5l92
miles, or more than two and halt
times that OF the last six months,
and the apparent capital in-
vestment was nearly $1,000
900 against Sl57, 600, 600 for the pres
ent year, or nearly double. There
have also gone through the process
OF sale since the first OF the year
three roads not included in the above
list-the New Castle and Northern,
Little Rock, Mississippi River and
Texas aud Cincinnati aud Eastern,
but all these were sold under fore
closure during 1886 and included in
our list for that year. The proceed
ings against them this year were
simply re sales ordered on account Of
some defect in the original sale, and
hence they do not properly belong in
the record OF foreclosures for 1851
There have also been sold the fran
chises Of two incomplete roads, the
Kentucky and Great Eastern and St
Louis and Western, whose assets and
liabilities are merely nominal and
which are not entitled ~ figure In
the list OF completed roads.
As our list does not ex.
tend beyond the United States
il does not include 4 very important
foreclosure sale this year, that Of the
Mexican National railway with 76s
miles Of completed road, S37, 767 ,0Ot
OF funded debt and $25, S75, 900 Of
capital stock, or a total Of nearly
$Gl, 100000 Of securities, which have
been scaled down or transferred e
new hands by the process OF sale.
II the record Of foreclosures iol
the first six mon his should be taken
as an indi cation Of what is to be ex.
pectod for the entire year, il would
still be lar from gratifying. But
while there are many roads sill IL
the hands Of receivers their number
and the amount Of liabilities involved
have been so steadily decreasing tina
the sales for the remaining 81,
months OF the year are not likely :,
equal those already reported. i
will be seen, moreover, that in tn,
list Of nineteen roads above giveI
two are Of unusually great magui
tude, namely, the New York, Chi
cago aud ST. Louis-the illconceiveC
and necessarily Inflated Nick,
Plate''-with its 523 miles Of matt
track and its $40, 600, 900 Of heavil.
watered securities, and the Indians
Bloomington aud Western with ~
miles 81 track and ga ,0O0, 900 Of NC
ourities. The KontuckyCentral repre-
scntiag $4,000 900, the Pittsburl
and Western tl3,00O,0O0. the ST
Louis. Fort Scott and Wichita ell
000,006. the Memphis aud Littl
Rock H,3500O0, the indianapolis
Decatur and Springfield 5000, 900
and the Texas Mexican uearl,
A,OOOIOv also help 10 swell the az
gregate above the average for Oh,
same number OF roads.
Il il gratifying TO find that th,
number 81 new receiyerships mp
pointed during the past six month
Il very small. less indeed than ia Oh,
same period for many years. 0u
records show only the following
REoEIvERsuiPs IN TUE FIRST sIS
MONTHS oF 1857.
fssdsi Cpphii
hiess Dsbs. SiocL.
* kkS1 1sSii a. ( Kay 81 Eu.@ s.GS.o
u. glivsJ 49, Is 10000 S5.@
Cape My a Sew.
els Pglni W. " '.'.-.. 800